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How Do Estate Planners Report Beneficial Ownership Information Under the CTA?
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Estate planners report beneficial ownership information for entities under the CTA by filing a report with the Financial Crimes Enforcement Network (FinCEN), including details of individuals with more than 25% ownership or significant control.
When Is It Necessary To Submit Beneficial Ownership Information To FinCEN?
Companies formed or registered before January 1, 2024, must submit their initial beneficial ownership information to FinCEN by January 1, 2025. Those established between January 1, 2024, and December 31, 2024, have 90 days post-notification to file. Companies starting on or after January 1, 2025, must file within 30 days of notification or public announcement.
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